Thread: W.J.C. was the reason

Did Clinton cause the banking crisis? - MSN Money
Did Clinton cause the banking crisis?
A trio of regulatory changes and missteps on the former president's watch let the banks run wild and encouraged the housing bubble. But he had help, of course.
By David Weidner, MarketWatch
On Wall Street and Main Street they call William Jefferson Clinton the "Comeback Kid," but it's not because of some Election Day surprise.
It's because almost everything he did regarding financial-services regulation has come back to haunt us.
If it wasn't apparent before, the former president's handiwork became clear when President Barack Obama announced his plans for sweeping financial-services reforms. Obama's efforts to bring fair dealing to the mortgage markets, rules to the derivatives marketplace and restraint to big financial companies underscore the missteps of Clinton's second term.
We had weakly regulated markets when Clinton took office, but by the time he left, they were an invitation to lawless dealing. For the ease of it, Willie Sutton would have traded his gun and mask for a briefcase and necktie.
Clinton created a fertile environment for home-lending charlatans and hiding places for Wall Street swindlers, and upset a regulatory structure that had served the financial marketplace so well for more than six decades.

They all belong to the same club...

how shocking, one of rupert murdoch's websites is trying put all of this at the feet of clinton......even though he was president in the '90s....with a hyper partisan republican congress.

however, if you're looking for one person (or married couple) to blame it on, look no further than mr. and mrs. phil gramm.

Clutching at straws trying to find somebody to blame while the ship slowly sinks.

All started in 1999 with the Gramm led Financial Services Modernization Act. Passed the House by 362 to 67 and the Senate by 90 to 6. Only 1 GOP nay vote in the Senate and 5 in the House.

In 2007 with the subprime defaults becoming a reality Bush proposed a program which allowed homeowners to refinance via FHA insured loans. It was passed by both the House and the Senate.

I don't recall any Bush or GOP legislation proposed to appeal or amend the Financial Services Modernization Act to which I assume the OP refers.

Help me out if mistaken?

blackgang:

Clinton created a fertile environment for home-lending charlatans and hiding places for Wall Street swindlers, and upset a regulatory structure that had served the financial marketplace so well for more than six decades.

The banking fiasco involved many bureaucrats, politicians, and bankers, etc.

Norton notes the Act in 1999, aptly.

Also, Phil Gramm unregulated the credit default swaps in 2001 and they exploded. Look at any bar-chart to see the growth.

The ADDA Act - the American Dream Downpayment Act was signed by GWB, with politicians from both parties standing by his side.

It's a long list of people, and it also involves cutlure, and also a thing called greed.

The Goldman Sachs and Wall Street cronies were same under Clinton as Bush and now.